Costco Set to Anchor VIVA White Oak Development
MCB Real Estate has announced plans for a new Costco Wholesale store within the VIVA White Oak development. The proposed Costco warehouse is expected to be approximately 162,000 square feet and will serve as the initial major retail anchor for the 280-acre mixed-use project.
The site's strategic proximity to the U.S. Food and Drug Administration headquarters and Adventist HealthCare White Oak Medical Center, coupled with excellent access to U.S. 29 and Cherry Hill Road, has significantly fueled retail interest in this location.
Comprehensive Mixed-Use Development
The VIVA White Oak project holds approval for more than 12 million square feet of mixed-use development. This expansive plan is set to include:
- Residential units
- Retail spaces
- A hotel
- Medical offices
Additionally, the development's master plan allocates land for a new elementary school, parks, bike lanes, and trails.
Economic Boost for Montgomery County
Projections for the VIVA White Oak project highlight substantial economic benefits for Montgomery County. The development is expected to generate over 17,000 construction jobs and approximately 9,000 permanent jobs. Furthermore, it is projected to bring in tens of millions of dollars in annual revenue for the county.
Financing Key Infrastructure Improvements
The Montgomery County Council recently approved the first Tax Increment Financing (TIF) resolution to establish the Viva White Oak Development District. This crucial financing mechanism will utilize future property tax revenue generated by the development to fund significant infrastructure improvements. These include essential upgrades such as roads, sidewalks, trails, bike lanes, and water and sewer systems.
County officials estimate the project could generate up to $320 million for public infrastructure over time, with the ultimate goal of transforming this previously underutilized site into a major residential, retail, and employment center in East County.